Solotel rescues three Public Hospitality venues from receivership

Yesterday, leading Sydney pub operator Solotel confirmed it would adding the operation of three new Sydney venues to its portfolio: The Norfolk in Redfern, Oxford House in Paddington, and Camelia Grove Hotel in Alexandria. The new additions extend Solotel’s Sydney portfolio to 30 venues, and add 58 rooms to its accommodation offering.

“This is an incredibly exciting time for Solotel, and we couldn’t be prouder to be able to revitalise these much-loved venues for their communities and their teams,” said Elliot Solomon, CEO.

“Each of them already delivers fantastic experiences for their guests and this opportunity means that the teams can access more resources to build on that.”

The Norfolk, Oxford House, and Camelia Grove Hotel were among five Public Hospitality venues entered into receivership in September, alongside Darlinghurst’s The Strand Hotel and Balmain’s The Exchange Hotel.

The change of management follows on from a challenging year for Jon Adgemis’ Public Hospitality Group, which saw it forced into securing a $400 million refinancing deal shortly prior to announcing the termination of its partnership with The Maybe Group.

In September, Vaughan Strawbridge and Joseph Hansell of FTI Consulting were appointed as Receivers and Managers after US-based private credit investor Muzinich & Co backed out of a refinancing deal despite holding more than $100 million worth of Public Hospitality’s debt across the five venues put into receivership.

Public Hospitality’s other seven pubs were not affected by the decision as the Group's assets are split across three pools of funding.

The Norfolk, Oxford House, and Camelia Grove Hotel will now join Solotel’s eclectic venue portfolio, which includes locations such as Opera Bar, Abercrombie, Barangaroo House, and Aria.

Under new management, Elliot Solomon says patrons should expect a continuation of the same welcoming atmosphere they love with a distinctly Solotel touch.

“It also means we can serve even more areas of Sydney which is part of our commitment to grow the hospitality industry across this great city, supporting vibrant and thriving communities,” he said.

“Watch this space as we have exciting plans to evolve these venues over the next 12 months.”